Hsbc Holdings PLC Increases Stock Position in Globant S.A. $GLOB

Hsbc Holdings PLC increased its holdings in Globant S.A. (NYSE:GLOB) by 22.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 134,905 shares of the information technology services provider’s stock after buying an additional 24,728 shares during the period. Hsbc Holdings PLC’s holdings in Globant were worth $6,235,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of GLOB. Maxi Investments CY Ltd acquired a new stake in shares of Globant during the fourth quarter valued at about $2,255,000. Principal Financial Group Inc. lifted its holdings in shares of Globant by 340.3% in the 4th quarter. Principal Financial Group Inc. now owns 815,703 shares of the information technology services provider’s stock worth $53,323,000 after acquiring an additional 630,440 shares during the last quarter. Citizens Financial Group Inc. RI acquired a new position in shares of Globant in the 4th quarter worth approximately $5,095,000. Banco BTG Pactual S.A. boosted its position in shares of Globant by 222.7% during the 4th quarter. Banco BTG Pactual S.A. now owns 103,900 shares of the information technology services provider’s stock worth $6,792,000 after purchasing an additional 71,700 shares during the period. Finally, UBS Group AG boosted its position in shares of Globant by 44.1% during the 4th quarter. UBS Group AG now owns 667,755 shares of the information technology services provider’s stock worth $43,651,000 after purchasing an additional 204,443 shares during the period. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GLOB has been the topic of a number of research analyst reports. Wells Fargo & Company cut their target price on Globant from $50.00 to $42.00 and set an “equal weight” rating on the stock in a research report on Friday, July 10th. Wedbush restated an “outperform” rating on shares of Globant in a research report on Monday, May 18th. Deutsche Bank Aktiengesellschaft set a $33.00 price objective on Globant in a research note on Friday, July 10th. UBS Group cut their price objective on Globant from $75.00 to $50.00 and set a “neutral” rating on the stock in a report on Tuesday, May 5th. Finally, The Goldman Sachs Group decreased their target price on Globant from $68.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, May 15th. Six equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $54.62.

Globant Price Performance

GLOB stock opened at $30.63 on Friday. The business’s 50-day moving average is $34.79 and its two-hundred day moving average is $45.62. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.82 and a quick ratio of 1.82. The firm has a market capitalization of $1.34 billion, a P/E ratio of 12.45, a P/E/G ratio of 1.15 and a beta of 1.06. Globant S.A. has a 1 year low of $27.56 and a 1 year high of $94.35.

Globant (NYSE:GLOB) last released its earnings results on Friday, May 15th. The information technology services provider reported $1.50 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.50. Globant had a net margin of 4.46% and a return on equity of 9.87%. The firm had revenue of $607.09 million for the quarter, compared to analyst estimates of $601.65 million. During the same period in the prior year, the firm earned $1.50 earnings per share. The business’s quarterly revenue was down .7% compared to the same quarter last year. Analysts anticipate that Globant S.A. will post 4.9 earnings per share for the current fiscal year.

Globant declared that its board has initiated a stock buyback program on Monday, May 18th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the information technology services provider to purchase up to 2.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Globant Company Profile

Globant is a digitally native technology services company founded in 2003 in Buenos Aires, Argentina. Specializing in software development and digital transformation, Globant partners with enterprises to conceive, design and engineer software products and platforms. The company leverages agile methodologies and proprietary delivery frameworks to accelerate projects in areas such as cloud migration, user experience design, data analytics, artificial intelligence and blockchain-enabled solutions.

Globant’s service offerings span strategy consulting, custom software engineering, digital experience design and managed services.